Prime Minister Narendra Modi said on Friday that he spoke with Space X CEO Elon Musk. He said the ‘immense potential’ for collaboration in the areas of technology and innovation was discussed during the call.

In his post on X, PM Modi wrote, ”Spoke to @elonmusk and talked about various issues, including the topics we covered during our meeting in Washington DC earlier this year. We discussed the immense potential for collaboration in the areas of technology and innovation. India remains committed to advancing our partnerships with the US in these domains.”

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India and the United States have signed the terms of reference for the initial phase of a bilateral trade agreement, an Indian trade official announced on Tuesday.

The two countries had agreed in February to begin work on the first stage of the deal, aiming to finalise it by the end of the year as part of a broader goal to boost bilateral trade to USD 500 billion by 2030.

In a significant development, India is reportedly open to slashing tariffs on over half of the USD 23 billion worth of US imports in this first phase, potentially the biggest tariff cut in years. This signals a major policy shift as India seeks to strengthen ties with Washington amid global trade realignments.